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United Arab Shipping Co News

01 Sep 2022

DNV Names Linden Area Manager for UK & Ireland

Tony Linden (Photo: DNV)

Classification society DNV announced Tony Linden will step into the role of Area Manager for the UK & Ireland effective Thursday, having recently been appointed as Business Development Manager for the same area.“I am delighted to congratulate Tony on his appointment. His enterprising background, technical know-how and clear understanding of the complex challenges facing the shipping industry will make him an invaluable asset to the market,” said Torgeir Sterri, DNV Maritime Regional…

15 Dec 2017

S&P Revises Hapag-Lloyd’s Rating Outlook to Stable

Corporate Credit Rating agency Standard & Poor's has affirmed at B+. The rating agency acknowledges debt prepayments and cost synergies and expects adequate liquidity in 2018. Rating agency Standard & Poor’s affirmed Hapag-Lloyd’s B+ rating and revised the outlook from negative to stable. Hapag-Lloyd’s debt prepayments and cost synergies after the integration of UASC combined with improved shipping rates and stable near-term industry prospects will support rating-commensurate financial measures and liquidity through 2018, Standard & Poor’s mentioned in the Research Update. The outlook revision reflects the expectation that Hapag-Lloyd's improved EBITDA performance and gradual debt reduction will contribute to rating commensurate credit metrics and adequate liquidity in 2018.

26 Sep 2016

On the Majestic Maersk, mega-ship dreams obscure cloudy future

For Captain Dick S. Danielsen, the childhood dream has been to sail the world's biggest ships. The Danish seaman got his chance three years ago when he was asked to helm the Majestic Maersk, a mammoth, baby blue-painted vessel that at 400 meters (1,312 feet) is longer than a nuclear-powered aircraft carrier. The ship can hold up to 18,270 twenty-foot (TEU) shipping containers and is owned by the world's largest container shipping firm, A.P. Moller-Maersk. "If you're going to be a captain and the company asks you, do you want to be on our biggest ship in the fleet, everybody would be proud. If they don't, then I think they're lying," he told Reuters from his ship during a 24 hour-long stop in Shanghai's port last Saturday.

27 Aug 2016

Hapag-Lloyd Shareholders Okays Merger with UASC

Hamburg-based ocean carrier Hapag-Lloyd said its shareholders approved all items on the agenda at Annual General Meeting, mainly the  share capital increase needed for combination with United Arab Shipping Co (UASC). "The main matter regarded creating the capital conditions required for the planned merger with the Arabian liner shipping company UASC. The shareholders therefore approved the creation of new authorised share capital. This is to be used for the merger with the liner shipping company UASC, which is to be incorporated into Hapag-Lloyd as a contribution in kind," says a statement from the company. The shareholders also approved the expansion of the Supervisory Board from the current twelve members to 16, which is to take place once the merger with UASC is concluded.

03 Aug 2016

UASC, Hapag-Lloyd Merger: No Layoffs?

Will there be a layoffs after United Arab Shipping Co (UASC) merging with the German container shipper Hapag-Lloyd? Middle Eastern enterprise UASC expects most of the tie-up’s $400 million cost savings to come from operations rather than layoffs, The National reports quoting UASC chief executive Jorn Hinge. UASC's initial hypothesis is there will be fewer layoffs than many people would normally expect in a merger, he said. The largest portion of this amount comes from deploying the optimal size ship for each of the trades where the combined company will operate, he added. For example, cost savings will come from negotiating better procurement terms.

13 Jul 2016

UASC to Sell Chemical Tanker Unit

United Arab Shipping Co (UASC) is considering the sale of its stake in United Arab Chemical Carriers (UACC) for oil and petrochemicals  as part of its plans to merge with German container line Hapag-Lloyd, says Bloomberg. UASC hopes the sale will fetch over $600m, but deliberations are ongoing. Bank of America Corp has been tasked with finding buyers for the holding, says the report. The company held 95 percent of UACC according to the chemical shipping firm’s 2012 financial report, the most recent one available on the company’s website. No final decisions about the sale have been made, the people said. UACC, founded in 2007, is a mid-sized operator with a fleet of two dozen tankers.

04 Jun 2016

UASC Shareholders Back Hapag-Lloyd Merger Talks

The Middle East container shipping group United Arab Shipping Co. (UASC ) met with shareholders at the company's corporate office in Dubai to discuss a possible combination with German rival  Hapag-Lloyd, but no decision was finalized. According to sources, Shareholders in Ocean carrier were supportive during extraordinary general meeting (EGM), but no decision on merger. "While the shareholders' representatives at the EGM were generally supportive of the ongoing discussions with Hapag-Lloyd and recognised the strategic value of a potential combination of both businesses, no formal vote was held today on this topic since the full agreement has not been finalised," UASC said in a statement.

20 Apr 2016

Box Shippers Form Asia-focused Ocean Alliance

Photo: CMA CGM

France's CMA CGM and China's COSCO Container Lines are to form a four-way vessel-sharing alliance with Evergreen Line and Orient Overseas Container Line focused on Asia routes, CMA CGM said on Wednesday. Container shipping has seen route-sharing develop in response to a severe downturn in the market, and a rejigging of alliances had been expected in recent months after COSCO merged with China Shipping Group and CMA CGM agreed to acquire Singapore's Neptune Orient Lines (NOL).

28 Mar 2016

China Cosco Shipping to Maintain Alliances until Expiry

Photo: China Cosco Shipping

China Cosco Shipping plans to retain its current container alliances until they expire, after which it plans to sign a new deal, it said on Monday. The group's spokesman, Yu Zenggang, did not say when the current alliance agreements were due to expire. China COSCO , a unit of COSCO, is part of the CKYHE alliance with Kawasaki Kisen Kaisha, Yang Ming Marine Transport, Hanjin Shipping and Evergreen Marine, while China Shipping Container Lines , a unit of China Shipping Group, CMA CGM CMACG.UL and United Arab Shipping Co make up the Ocean Three alliance.

07 Mar 2016

CMA CGM Expects Market-beating Container Volumes Again This Year

Photo: CMA CGM

French-based CMA CGM, the world's third-largest container shipping firm, said on Monday it expects its volume growth to outperform the market again in 2016 after strong expansion last year helped it cushion a slide in freight rates. CMA CGM, which is in the process of acquiring Singapore's Neptune Orient Lines (NOL) for $2.4 billion in its biggest-ever deal, has been pursuing economies of scale to ride out a shipping downturn linked to vessel oversupply and faltering economic growth.

29 Feb 2016

Consolidations to Reshape Ship Alliances

Several of the world’s top container lines are entering in different vessel-sharing alliances following the current wave of mergers and acquisitions among carriers, reports China Daily. There has been reports that had shocked the containership transport industry - the possible mega-alliance between French liner CMA CGM and China Cosco Shipping (COSCOCS), the recently merged China’s biggest shipping line. Formed by Denmark's Maersk Line and Switzerland's Mediterranean Shipping Co SA, the 2M operates more than 2.1 million twenty-foot equivalent units (or TEUs, the industry measurements of capacity of container ships and terminals), and owns 193 vessels.

19 Feb 2016

COSCOCS to Keep Alliances for Now, Review Partners Later

China Cosco Shipping (COSCOCS), China's biggest shipping line, plans to carry out a careful selection of its future vessel-sharing alliance partners, but will maintain its two current alliances for the moment, the company said on Friday. Analysts have said the global network of vessel-sharing alliances on container routes could be shaken up by recent deals, including the formation of COSCOCS through the merger of China Ocean Shipping (Group) Company (COSCO) and China Shipping Group. China COSCO , a unit of COSCO, is part of the CKYHE alliance with Kawasaki Kisen Kaisha, Yang Ming Marine Transport, Hanjin Shipping and Evergreen Marine, while China Shipping Container Lines , a unit of China Shipping Group, CMA CGM and United Arab Shipping Co make up the Ocean Three alliance.

02 Sep 2015

China Shipping Line to Buy 10 Vessels

China Shipping Container Lines Co is planning to buy around 10 ultralarge container ships for around $1.5 billion, despite the shipping industry struggles with a capacity glut, reports WSJ. The company wants to fulfill capacity commitments in its Ocean Three alliance with France’s CMA CGM SA and the United Arab Emirates’ United Arab Shipping Co. The new ships would add to an estimated 30% excess capacity in the water between Asia and Europe. The glut has led to falling freight rates that often don’t even cover the fuel cost of vessels. The economic slowdown of emerging economies in Asia—including China, the world’s biggest exporter of manufactured goods that are moved on container ships—has made things still worse for the shipping industry.

02 Jul 2015

China, France Sign deal Shipping

Industrial cooperation is high on the agenda during Premier Li Keqiang's stay in France. China's deals with the world's third largest container shipping group - CMA CGM was highlight. "July 1st will be a milestone in our Group’s history. The Chinese Prime Minister’s visit is a great recognition of the unique links our Group has developed with China, a strategic country in the Group’s development history. Those two agreements signature reinforces those links and offer new perspectives. We are proud of the honor and of the confidence that this visit demonstrates," said Jacques R. Saadé, Founder, Chairman and Chief Executive Officer of CMA CGM Group. Two major agreements were signed by   Jacques R.

26 Jun 2015

UASC Exempted from Controlled Carrier Rules

Photo: UASC

The U.S. Federal Maritime Commission (FMC) voted unanimously to grant the Qatar-controlled United Arab Shipping Co. (UASC) exemption from its controlled carrier list which aims to stop price fixing among state-owned shipping companies. UASC will remain subject to all other applicable provisions of the Shipping Act and regulations. “United Arab Shipping Company (UASC) is an industry leader and a pioneer of sorts in international shipping,” FMC Commissioner William P. Doyle said in a statement.

30 Mar 2015

Ocean 3 launched at the AGCT, Rijeka

China Shipping Container Line’s (CSCL) Xin Qin Huang Dao recently made its maiden call at the Adriatic Gate Container Terminal (AGCT), International Container Terminal Services, Inc.’s (ICTSI) container handling facility in the Port of Rijeka, Croatia, which marked the launch of a service of the Ocean 3 alliance, connecting Rijeka and other European ports to Asia and North America. The vessel arrived at the AGCT last 18 February and is deployed to Ocean 3’s Phoex / AMX8 / AMC4 weekly service. In September 2014, shipping lines CMA CGM, CSCL and United Arab Shipping Co. formed the Ocean 3 alliance to optimize and consolidate several of their services routes between Asia and Europe, and Asia and North America.

09 Feb 2015

When Bigger Ships Can't Hold on to Records

The credit of being CSCL Globe for being the world's biggest container ship remained for a little over a month until the arrival of the MSC Oscar. MSC Oscar, sailed from a shipyard near Busan, South Korea, became the world's largest container ship last month, just weeks after the previous record holder, CSCL Globe, was launched. The MSC Oscar, operated by Geneva-based Mediterranean Shipping Co., is slightly shorter but is able to carry 124 more containers, allowing it to gain the title of the world's largest container ship. The 400-metre CSCL Globe, owned by China Shipping Container Lines, longer than four soccer pitches, can carry 19,100 standard containers. But the MSC Oscar's time in the limelight will also be limited.

08 Jan 2014

ASRY Repairs 4,000th Ship

Photo: ASRY

Arab Shipbuilding and Repair Yard (ASRY), said it has recently achieved a milestone with the repair of its 4,000th ship. The vessel, the Gas Al Gurain, is an LPG Tanker owned by Kuwait Oil Tanker Company (KOTC) one of ASRY’s longest standing customers. ASRY, established in 1977, noted that reaching the 4,000-ship mark was achieved in part thanks to some of the world most prestigious fleets, including KOTC, Maersk, UASC, Odfjell MidEast and many more. Installation of a new Waste Heat Recovery (WHR) system, exhaust gas economizer which utilizes the heat energy from diesel generators.

24 Oct 2013

Maersk & New Containership Economics 101

(Images courtesy Maersk)

Capacity management is firmly on the minds of Maersk executives as the largest container ships in the world steam into service. Photographs of Maersk Line’s 18,000 TEU ships are flooding in from ports around the world as the carrier phases its giant new vessels phase into the AE10 string between Asia and North Europe. It’s a “Where’s Waldo” with maritime characteristics. Shanghai, Ningbo, Yantian, Hong Kong, Tanjung Pelepas, Rotterdam, Aarhus, Gdansk – the giant Triple-E Class…

09 Jan 2006

ETA-Ascon to Buy Ships Worth $2.72B

Reports indicate that the Dubai-based ETA-Ascon, a diversified group, plans to buy 76 new ships to expand the size of its fleet to 100 in five years, a report said. The total investment involved in this order will amount to $2.72 billion. The company is negotiating with a number of ship builders for signing major orders. These include orders for four tankers with Japan's Universal Shipbuilding Corporation, he said. The new orderbook will range vessels from Panamax to very large crude carriers (VLCCs) that will require investment in billions of dollars, the report said. Reportedly, the plan will make it the largest fleet owner in the Middle East.